JPMorgan analyst Rajat Gupta said speculation about a potential merger between Tesla and SpaceX may be underestimating obstacles that could block a deal, according to Jiemian News. Gupta said a combination could allow CEO Elon Musk to align the two companies’ vision, mission and engineering leadership, with shared AI ambitions potentially serving as a strategic link. However, he cited potential hurdles including multi-jurisdiction regulatory approvals, governance and voting-right symmetry, and perceptions that the transaction would be a SpaceX-led acquisition rather than a merger of equals. JPMorgan said that if a deal were to occur, the most likely structure would be a SpaceX-led, all-stock acquisition of Tesla, which Gupta said could help bridge valuation differences and avoid a large cash outlay. Gupta rates Tesla Neutral with a $475 price target.